S&P 500 total returns by year (including dividends)
As of market close, Oct 16, 2026
Dividends added about 3.7% a year since 1928. SPY's dividend record →
S&P 500 total returns by year (1928–2026)#
Calendar-year returns with each year's path and its dividend contribution (dividend return = total minus price return). Every year has a direct link you can bookmark or share.
See every year as a chart, with the events that moved it → Or click a year below for its own chart.
| YearBest stocks that yearWhat happened | Start price | End price | Path | Dividend | Total return | $10,000 then → now |
|---|---|---|---|---|---|---|
| 2026YTD -9% fall | $681.92 | $763.25 | chart →2026: chart & events → | 0.9% | +12.8% | $11,280 |
| 2025 The closing low: S&P 500 at 4,983 · -19% fall | $586.08 | $681.92 | chart →2025: chart & events → | 1.4% | +17.7% | $13,279 |
| 2024 Yen carry-trade unwind · -8% fall | $475.31 | $586.08 | chart →2024: chart & events → | 1.6% | +24.9% | $16,583 |
| 2023 Autumn correction low · -10% fall | $382.43 | $475.31 | chart →2023: chart & events → | 1.9% | +26.2% | $20,924 |
| 2022 The bear-market low: S&P 500 at 3,577 · -24% fall | $474.96 | $382.43 | chart →2022: chart & events → | 1.3% | -18.2% | $17,121 |
| 2021 Evergrande scare · -5% fall | $373.88 | $474.96 | chart →2021: chart & events → | 1.7% | +28.7% | $22,040 |
| 2020 The bottom: S&P 500 at 2,237 · -34% fall | $321.86 | $373.88 | chart →2020: chart & events → | 2.2% | +18.3% | $26,080 |
| 2019 Tariff escalation announced by tweet · -7% fall | $249.92 | $321.86 | chart →2019: chart & events → | 2.4% | +31.2% | $34,224 |
| 2018 Christmas Eve low · -19% fall | $266.86 | $249.92 | chart →2018: chart & events → | 1.8% | -4.6% | $32,660 |
| 2017 Fed hikes, the first of three in 2017 · -3% fall | $223.53 | $266.86 | chart →2017: chart & events → | 2.3% | +21.7% | $39,749 |
| 2016 The year's closing low: S&P 500 at 1,829 · -10% fall | $203.87 | $223.53 | chart →2016: chart & events → | 2.4% | +12.0% | $44,518 |
| 2015 Black Monday · -12% fall | $205.54 | $203.87 | chart →2015: chart & events → | 2.0% | +1.2% | $45,067 |
| 2014 The Treasury flash rally · -7% fall | $184.69 | $205.54 | chart →2014: chart & events → | 2.2% | +13.5% | $51,135 |
| 2013 Bernanke lays out a timeline for ending QE · -6% fall | $142.41 | $184.69 | chart →2013: chart & events → | 2.6% | +32.3% | $67,656 |
| 2012 Weak jobs report; S&P 500 falls 2.5% · -10% fall | $125.50 | $142.41 | chart →2012: chart & events → | 2.5% | +16.0% | $78,474 |
| 2011 The year's closing low: S&P 500 at 1,099 · -19% fall | $125.75 | $125.50 | chart →2011: chart & events → | 2.1% | +1.9% | $79,961 |
| 2010 Dodd–Frank Act signed · -16% fall | $111.44 | $125.75 | chart →2010: chart & events → | 2.2% | +15.1% | $92,001 |
| 2009 Bear-market low: S&P 500 at 677 · -27% fall | $90.24 | $111.44 | chart →2009: chart & events → | 2.9% | +26.4% | $116,246 |
| 2008 The year's closing low: S&P 500 at 752 · -48% fall | $146.21 | $90.24 | chart →2008: chart & events → | 1.5% | -36.8% | $73,474 |
| 2007 S&P 500 record close of 1,565 · -10% fall | $141.62 | $146.21 | chart →2007: chart & events → | 1.9% | +5.1% | $77,255 |
| 2006 Mid-year low · -8% fall | $124.51 | $141.62 | chart →2006: chart & events → | 2.1% | +15.8% | $89,497 |
| 2005 GM and Ford downgraded to junk · -7% fall | $120.87 | $124.51 | chart →2005: chart & events → | 1.8% | +4.8% | $93,817 |
| 2004 Google IPO · -8% fall | $111.28 | $120.87 | chart →2004: chart & events → | 2.1% | +10.7% | $103,853 |
| 2003 Pre-war low · -14% fall | $88.23 | $111.28 | chart →2003: chart & events → | 2.1% | +28.2% | $133,121 |
| 2002 Bear-market low: S&P 500 at 777 · -33% fall | $114.30 | $88.23 | chart →2002: chart & events → | 1.2% | -21.6% | $104,388 |
| 2001 Post-attack low · -29% fall | $131.19 | $114.30 | chart →2001: chart & events → | 1.1% | -11.8% | $92,113 |
| 2000 Supreme Court ends the recount · -17% fall | $146.88 | $131.19 | chart →2000: chart & events → | 0.9% | -9.7% | $83,140 |
| 1999 Gramm–Leach–Bliley Act signed · -12% fall | $123.31 | $146.88 | chart →1999: chart & events → | 1.3% | +20.4% | $100,092 |
| 1998 Dow falls 512 points · -19% fall | $97.06 | $123.31 | chart →1998: chart & events → | 1.6% | +28.7% | $128,810 |
| 1997 Dow drops 554 points; trading halted · -11% fall | $73.84 | $97.06 | chart →1997: chart & events → | 2.0% | +33.5% | $171,930 |
| 1996 Mid-July tech selloff · -8% fall | $61.48 | $73.84 | chart →1996: chart & events → | 2.4% | +22.5% | $210,610 |
| 1995 | 459.27 | 615.93 | 3.1% | +37.2% | $288,947 | |
| 1994 | 466.45 | 459.27 | 2.9% | +1.3% | $292,778 | |
| 1993 | 435.71 | 466.45 | 2.9% | +10.0% | $321,960 | |
| 1992 | 417.09 | 435.71 | 3.0% | +7.5% | $346,086 | |
| 1991 | 330.22 | 417.09 | 3.9% | +30.2% | $450,725 | |
| 1990 | 353.40 | 330.22 | 3.5% | -3.1% | $436,913 | |
| 1989 | 277.72 | 353.40 | 4.2% | +31.5% | $574,432 | |
| 1988 | 247.08 | 277.72 | 4.1% | +16.5% | $669,426 | |
| 1987 | 242.17 | 247.08 | 3.8% | +5.8% | $708,338 | |
| 1986 | 211.28 | 242.17 | 3.9% | +18.5% | $839,343 | |
| 1985 | 167.24 | 211.28 | 4.9% | +31.2% | $1,101,512 | |
| 1984 | 164.93 | 167.24 | 4.7% | +6.1% | $1,169,212 | |
| 1983 | 140.64 | 164.93 | 5.1% | +22.3% | $1,430,381 | |
| 1982 | 122.55 | 140.64 | 5.7% | +20.4% | $1,722,452 | |
| 1981 | 135.76 | 122.55 | 5.0% | -4.7% | $1,641,456 | |
| 1980 | 107.94 | 135.76 | 6.0% | +31.7% | $2,162,375 | |
| 1979 | 96.11 | 107.94 | 6.2% | +18.5% | $2,562,836 | |
| 1978 | 95.10 | 96.11 | 5.4% | +6.5% | $2,729,659 | |
| 1977 | 107.46 | 95.10 | 4.5% | -7.0% | $2,539,137 | |
| 1976 | 90.19 | 107.46 | 4.7% | +23.8% | $3,144,238 | |
| 1975 | 68.56 | 90.19 | 5.4% | +37.0% | $4,307,453 | |
| 1974 | 97.55 | 68.56 | 3.8% | -25.9% | $3,191,745 | |
| 1973 | 118.05 | 97.55 | 3.1% | -14.3% | $2,735,070 | |
| 1972 | 102.09 | 118.05 | 3.1% | +18.8% | $3,248,043 | |
| 1971 | 92.15 | 102.09 | 3.4% | +14.2% | $3,709,954 | |
| 1970 | 92.06 | 92.15 | 3.5% | +3.6% | $3,842,069 | |
| 1969 | 103.86 | 92.06 | 3.1% | -8.2% | $3,525,429 | |
| 1968 | 96.47 | 103.86 | 3.2% | +10.8% | $3,906,701 | |
| 1967 | 80.33 | 96.47 | 3.7% | +23.8% | $4,836,612 | |
| 1966 | 92.43 | 80.33 | 3.1% | -10.0% | $4,354,354 | |
| 1965 | 84.75 | 92.43 | 3.3% | +12.4% | $4,894,259 | |
| 1964 | 75.02 | 84.75 | 3.4% | +16.4% | $5,697,676 | |
| 1963 | 63.10 | 75.02 | 3.7% | +22.6% | $6,986,029 | |
| 1962 | 71.55 | 63.10 | 3.0% | -8.8% | $6,370,455 | |
| 1961 | 58.11 | 71.55 | 3.5% | +26.6% | $8,067,397 | |
| 1960 | 59.89 | 58.11 | 3.3% | +0.3% | $8,094,544 | |
| 1959 | 55.21 | 59.89 | 3.6% | +12.1% | $9,070,463 | |
| 1958 | 39.99 | 55.21 | 5.7% | +43.7% | $13,036,069 | |
| 1957 | 46.67 | 39.99 | 3.9% | -10.5% | $11,672,835 | |
| 1956 | 45.48 | 46.67 | 4.8% | +7.4% | $12,541,236 | |
| 1955 | 35.98 | 45.48 | 6.2% | +32.6% | $16,629,340 | |
| 1954 | 24.81 | 35.98 | 7.5% | +52.6% | $25,370,270 | |
| 1953 | 26.57 | 24.81 | 5.4% | -1.2% | $25,063,747 | |
| 1952 | 23.77 | 26.57 | 6.4% | +18.2% | $29,613,067 | |
| 1951 | 20.43 | 23.77 | 7.3% | +23.7% | $36,624,998 | |
| 1950 | 16.79 | 20.43 | 9.1% | +30.8% | $47,907,511 | |
| 1949 | 15.20 | 16.79 | 7.8% | +18.3% | $56,676,119 | |
| 1948 | 15.30 | 15.20 | 6.4% | +5.7% | $59,909,265 | |
| 1947 | 15.30 | 15.30 | 5.2% | +5.2% | $63,024,547 | |
| 1946 | 17.36 | 15.30 | 3.4% | -8.4% | $57,712,145 | |
| 1945 | 13.28 | 17.36 | 5.1% | +35.8% | $78,385,270 | |
| 1944 | 11.67 | 13.28 | 5.2% | +19.0% | $93,302,535 | |
| 1943 | 9.77 | 11.67 | 5.6% | +25.1% | $116,685,363 | |
| 1942 | 8.69 | 9.77 | 6.7% | +19.2% | $139,058,381 | |
| 1941 | 10.58 | 8.69 | 5.1% | -12.8% | $121,298,540 | |
| 1940 | 12.46 | 10.58 | 4.4% | -10.7% | $108,352,468 | |
| 1939 | 13.14 | 12.46 | 4.1% | -1.1% | $107,163,192 | |
| 1938 | 10.55 | 13.14 | 4.7% | +29.3% | $138,543,468 | |
| 1937 | 17.18 | 10.55 | 3.3% | -35.3% | $89,586,778 | |
| 1936 | 13.43 | 17.18 | 4.0% | +31.9% | $118,203,841 | |
| 1935 | 9.50 | 13.43 | 5.4% | +46.7% | $173,452,789 | |
| 1934 | 9.97 | 9.50 | 3.5% | -1.2% | $171,391,129 | |
| 1933 | 6.92 | 9.97 | 5.9% | +50.0% | $257,056,186 | |
| 1932 | 8.12 | 6.92 | 6.1% | -8.6% | $234,840,362 | |
| 1931 | 15.34 | 8.12 | 3.2% | -43.8% | $131,892,218 | |
| 1930 | 21.45 | 15.34 | 3.4% | -25.1% | $98,756,145 | |
| 1929 | 24.35 | 21.45 | 3.6% | -8.3% | $90,561,459 | |
| 1928 | 17.66 | 24.35 | 5.9% | +43.8% | $130,237,521 |
1928–1995: the S&P 500’s own year-end levels and dividends, from Aswath Damodaran (NYU Stern), which records whole years only, so those rows have no path within the year. From 1996: SPY, with its prices and daily path.
- Annualized
- +10.1%
- 1928–2026
- Best year
- +52.6%
- 1954
- Worst year
- -43.8%
- 1931
- Positive years
- 72/98
- 73% up
Annualized (CAGR)
+10.1%
1928–2026
Average year
+11.9%
98 full years
S&P 500 average annual return →
Best year
+52.6%
1954
Worst year
-43.8%
1931
Positive years
72/98
73% up
Total return by period#
Annual
-40%-20%0%20%40%
1928+44%'28
1929-8.3%
1930-25%
1931-44%
1932-8.6%
1933+50%
1934-1.2%
1935+47%
1936+32%'36
1937-35%
1938+29%
1939-1.1%
1940-11%
1941-13%
1942+19%
1943+25%
1944+19%'44
1945+36%
1946-8.4%
1947+5.2%
1948+5.7%
1949+18%
1950+31%
1951+24%
1952+18%'52
1953-1.2%
1954+53%
1955+33%
1956+7.4%
1957-10%
1958+44%
1959+12%
1960+0.34%'60
1961+27%
1962-8.8%
1963+23%
1964+16%
1965+12%
1966-10.0%
1967+24%
1968+11%'68
1969-8.2%
1970+3.6%
1971+14%
1972+19%
1973-14%
1974-26%
1975+37%
1976+24%'76
1977-7.0%
1978+6.5%
1979+19%
1980+32%
1981-4.7%
1982+20%
1983+22%
1984+6.1%'84
1985+31%
1986+18%
1987+5.8%
1988+17%
1989+31%
1990-3.1%
1991+30%
1992+7.5%'92
1993+10.0%
1994+1.3%
1995+37%
1996+22%
1997+33%
1998+29%
1999+20%
2000-9.7%'00
2001-12%
2002-22%
2003+28%
2004+11%
2005+4.8%
2006+16%
2007+5.1%
2008-37%'08
2009+26%
2010+15%
2011+1.9%
2012+16%
2013+32%
2014+13%
2015+1.2%
2016+12%'16
2017+22%
2018-4.6%
2019+31%
2020+18%
2021+29%
2022-18%
2023+26%
2024+25%'24
2025+18%
2026+13%
Methodology#
Total returns, dividends reinvested, measured on SPY from 1996 and on the index's own year-end levels before that (Damodaran, NYU Stern; details). Annualized return is the compound annual growth rate; the current year is year-to-date. Past performance does not predict future returns.
FAQ#
- What is S&P 500's average annual return?
- Since 1928, S&P 500 (dividends reinvested) has returned about 10.1% a year (the compound annual growth rate) and an average calendar-year return of 11.9%.
- What were S&P 500's best and worst years?
- Over 1928–2026, the best year was 1954 (+52.6%) and the worst was 1931 (-43.8%).
- How often is S&P 500 up in a year?
- 72 of the 98 full years since 1928 were positive — about 73% of the time.
- Where does the S&P 500 returns data come from?
- From 1996, each year is measured on SPY, an index fund that tracks the S&P 500, with dividends reinvested. For 1928–1995, each year comes from the index's own year-end levels and dividends in Aswath Damodaran's historical returns data (NYU Stern). Where the two overlap they agree to about a third of a percentage point a year. We are grateful to Professor Damodaran for publishing the data openly.
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